Matrix Parking jumps 19.2% on LEAP market debut

KUALA LUMPUR: Matrix Parking Solution Holdings Bhd jumped 2.5 sen or 19.2% to 15.5 sen as it made its debut on Bursa Malaysia's LEAP market today.

The group placed 20 million shares or about 10% of its enlarged issued share capital at an indicative price of 13 sen per share. 

At 10.45am, the counter was trading two sen or 15.4% higher at 15 sen on the back of 730,000 shares traded.

Speaking to reporters after the listing ceremony, Matrix co-founder and executive director Alex Chin Wing Wah said the exercise will fund the acquisition of more parking facilities as part of the group's strategy to grow its revenue base.

Of the total proceeds of RM2.6mil, RM800,000 will go towards the purchase of 12 parcels of property with accessory parcels of 665 parking bays. 

RM200,000 will go towards the purchase of parking site equipment while RM900,000 will be utilised for general working capital requirements, with the remaining RM700,000 for the listing expenses.

Chin added that the group plans to secure more contracts within its core markets in the Klang Valley.

“We want to develop new geographical market opportunities; adopt new technology and equipment to enhance the delivery of parking management service,” he said.